Mail News Service
Ranchi / Jamshedpur: Search operations conducted by the Income Tax Department’s Investigation Wing on rice traders in Jharkhand continued with authorities seizing cash amounting to Rs 4.50 crore.
The raids, which began on January 29, span multiple locations linked to rice trading businesses operating across states.
According to official sources, Rs 2 crore was recovered from the premises of commission agents associated with the Baba Group, while the remaining Rs 2.50 crore was seized from locations connected to Baba Agro Food and Baba Food Processing. The seizures followed preliminary scrutiny of explanations offered by the concerned individuals regarding the source of the cash.
Meanwhile, the valuation and verification of jewellery recovered during the searches are underway.
The department is also assessing nearly 10 immovable properties, including factory units, land parcels and residential houses linked to the Baba Group, as part of the ongoing probe.
Investigators are further examining documents related to informal and allegedly unaccounted trade transactions seized during the raids. Officials said the total value of business reflected in these records is yet to be ascertained and is expected to emerge after a detailed analysis.
The Income Tax Department indicated that further action would depend on findings from the financial scrutiny and asset valuation process.
